Currently, we can see that dogecoin is moving towards an area of BULLISH pressure. Today's candle managed to reject off the 61.8% fib level as we see a BULLISH candle. However, BULLISH pressure as of now does not seem to be making a strong rejection. I am expecting price to break down this level moving towards 78.6% fib level before we see greater BULLISH pressure. Having said that, if you are planning to enter a short position now do reconsider your choice. In fact, traders who entered their short position long ago might look to close their position soon.
Does that mean that a Long position is better in this situation?
Yes but it also depends on the price action. I have identified a price range where I expect BULLISH rejection to take place. This will give a clean rejection off our MA and EMA as well if price is to break down slightly lower. However, we have to adapt to situation if we see BEARISH impulse candles. As of now, dogecoin is heading towards a demand zone.
I will like to let you guys know that YGForex will be working towards providing cryptocurrency signal here for all of you guys. I will update daily and share my thoughts on it. This is provided we have opportunities to enter. Do follow our signal at your own risk. Do also keep in mind that we are not providing any professional financial advice.
Kindly hit the LIKE Button if you agree with my analysis and feel free to COMMENT your idea below. As for those who are keen to get daily updates and analysis from me feel free to FOLLOW me. Cheers and Happy Trading!!
Does that mean that a Long position is better in this situation?
Yes but it also depends on the price action. I have identified a price range where I expect BULLISH rejection to take place. This will give a clean rejection off our MA and EMA as well if price is to break down slightly lower. However, we have to adapt to situation if we see BEARISH impulse candles. As of now, dogecoin is heading towards a demand zone.
I will like to let you guys know that YGForex will be working towards providing cryptocurrency signal here for all of you guys. I will update daily and share my thoughts on it. This is provided we have opportunities to enter. Do follow our signal at your own risk. Do also keep in mind that we are not providing any professional financial advice.
Kindly hit the LIKE Button if you agree with my analysis and feel free to COMMENT your idea below. As for those who are keen to get daily updates and analysis from me feel free to FOLLOW me. Cheers and Happy Trading!!